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    WIZZ   JE00BN574F90

WIZZ AIR HOLDINGS PLC

(WIZZ)
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WIZZ AIR INTRODUCES NEW ROUTES TO THE KINGDOM OF SAUDI ARABIA FROM EUROPE AND THE UAE

06/23/2022 | 10:35am EDT

Wizz Air, Europe's fastest growing and most sustainable airline, is launching exciting new routes from Dammam, the Kingdom of Saudi Arabia, to Rome, Vienna and Abu Dhabi. The Abu Dhabi route will be operated by Wizz Air Abu Dhabi, Wizz Air's joint venture airline with ADQ. Launching in September 2022, the new destinations are the first step towards a growing presence in KSA which will provide for the first time truly affordable, hassle-free, point-to-point travel for tourists and residents in the Kingdom, Europe and the UAE, strengthening global connectivity.

The new routes by Wizz Air introduce a new era of travel to the Residents of KSA by unlocking affordable travel opportunities and giving them access to WIZZ's incredibly low fares. Tickets for all routes are already on sale on wizzair.com and the airline's mobile app, with fares starting from 24.99EUR.*

Last month Wizz Air signed a Memorandum of Understanding (MoU) with the Ministry of Investment for the Kingdom of Saudi Arabia supported by the Saudi National Air Connectivity Programme (a Ministry of Tourism initiative) to support the development of the Saudi Tourism Sector. The MoU reflects a shared vision between the parties on the potential Wizz Air could bring to the Kingdom to stimulate tourist demand, thereby making a significant contribution to Saudi Arabia's planned growth.

The new destinations support the growing Saudi Arabian tourism sector, aligning with the Vision 2030 programme, a strategic and ambitious vision to triple passenger traffic in the Kingdom by 2030. The ultra-low-cost routes will boost the burgeoning tourism industry and significantly increase connectivity for residents in Europe and the region, with key strategic government partners collaborating to add to the Saudi aviation ecosystem.

Robert Carey, President of Wizz Air, said: 'Wizz Air is committed to increasing global connectivity to marvellous destinations with real opportunities for growth and expansion. Saudi Arabia is a very exciting market and our expansion will bring ultra-low cost travel to the Kingdom. Our regular flights to Dammam will provide year-round sun for tourists, and provide a mix of destinations for residents of the Kingdom. We want to thank our partners for their support during the expansion, especially the Air Travel Connectivity Programme, the Ministry of Investment, GACA, the Dammam airport, and the government of Saudi Arabia. The recently signed MoU demonstrates our commitment to supporting travelers to and from Saudi by bringing in a new era of air travel with our ultra-low fares, point-to-point network, and high quality onboard service. Unlocking travel opportunities for everyone is the core of our brand and we will keep delivering on that by granting access to travelers to and from Saudi to our incredibly low fares. The WIZZ team is looking forward to welcoming passengers of all ages onboard our modern, young, and green aircraft soon, and to supporting the 2030 vision.'

Khalil Lamrabet, CEO of The Air Connectivity Program, said: 'We are delighted to have been able to work with both Wizz Air and Dammam Airport to grow traffic, in particular inbound tourism, from key European markets into the Kingdom of Saudi Arabia. We look forward to the success of these routes and working with both our partners to grow the Wizz Air network into the Kingdom of Saudi Arabia.'

Fahd bin Sulaiman Al-Harbi, CEO of Dammam Airports Company, said: 'We are very happy to welcome Wizz Air flights at King Fahd International Airport. Strengthening the global connectivity of the Kingdom is very important and Dammam Airport Company (DACO) continues to develop new destinations to serve the citizens and residents of the Eastern province. We are ready to welcome tourists and impress them with the beauty of Dammam. '

Dammam, a modern metropolis nestled on the tranquil Arabian Gulf, offers visitors green parks, airy waterfronts, and sandy beaches alongside a bustling arts, sports, and entertainment scene. The capital of the Eastern Province, Dammam is a popular location with adventurous travellers, who can enjoy fishing, diving, and swimming.

Vienna, rich in history and splendidly located on the banks of the Danube River, has many great sightseeing opportunities with an unmistakably cosmopolitan atmosphere. One of the greenest and most visited cities in the world, Vienna is renowned for Imperial Palaces and magnificent museums, with a distinctive charm and flair from the fine old architecture with Viennese culture awaiting.

Rome is one of the world's most romantic, historic and charismatic cities, and is exhilarating for any tourist with an astonishing artistic heritage. The city's centre is on the UNESCO World Heritage List and the Eternal City has over 900 churches and 3,000 years of ad-hoc urban development to explore with an exciting mix of countless ruins, art, basilicas, piazzas and statues. Unmissable sights include St Peter's Basilica, the Sistine Chapel and the Colosseum.

Basking in glorious year round sunshine, Abu Dhabi is a world-renowned family friendly destination with incredible art, culture, tradition and hospitality offerings. The UAE capital, blessed with stunning beach resorts, excellent cultural offerings and exciting attractions offers visitors a warm welcome and breath taking natural and built beauty. The city offers an enriching historical experience and a bustling culture to explore with a plethora of both relaxation and adventure options to suit all ages.

The easing of COVID-19 restrictions and the removal of PCR test requirements for vaccinated travellers has made travel simpler again, allowing for more spontaneous trips abroad.

For ultimate peace of mind during this uncertain time, passengers can book tickets with confidence, thanks to WIZZ Flex. With WIZZ Flex, passengers can cancel their flight up to three hours before departure without any fee and receive 100% of the fare immediately reimbursed in airline credit.

Route			Operating Days	Sales start		Flights start		Fares from*
Rome - Dammam		Wednesday and Sunday			On sale	28-Sep-2022	39.99 EUR
Vienna - Dammam		Monday and Friday			On sale	30-Sep-2022	39.99 EUR
Abu Dhabi - Dammam	Monday, Wednesday, Friday and Sunday	On sale	01-Nov-2022 	24.99 EUR

*One-way price, including administration fee. One carry-on bag (max: 40x30x20cm) is included. Trolley bag and each piece of checked-in baggage is subject to additional fees. The price applies only to bookings made on wizzair.com and the WIZZ mobile app. Number of seats at indicated prices are limited.

(C) 2022 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2022 1 656 M 1 727 M 1 727 M
Net income 2022 -646 M -674 M -674 M
Net Debt 2022 2 378 M 2 480 M 2 480 M
P/E ratio 2022 -3,89x
Yield 2022 -
Capitalization 2 139 M 2 231 M 2 231 M
EV / Sales 2022 2,73x
EV / Sales 2023 1,41x
Nbr of Employees 4 709
Free-Float 74,3%
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Mean consensus OUTPERFORM
Number of Analysts 21
Last Close Price 20,75 €
Average target price 40,90 €
Spread / Average Target 97,1%
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Managers and Directors
Jˇzsef Vßradi CEO & Non-Independent Executive Director
Robert Etienne Carey President
Jourik Hooghe Group Chief Financial Officer & Executive VP
William Augustus Franke Chairman
Michael Delehant Group Chief Operations Officer & Executive VP
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